This is good indicator created by Mladen for MT5 -
TTM trend - indicator for MetaTrader 5
The TTM (Trade The Markets) Trend is basically an easier way to look at candlesticks. It is the The Heikin-Ashi method. Literally translated Heikin is "average" or "balance,", while Ashi means "foot" or "bar." The TTM trend is a visual technique that eliminates the irregularities from a normal candlestick chart and offers a better picture of trends and consolidations.
Forum on trading, automated trading systems and testing trading strategies
Sergey Golubev, 2013.03.01 12:11
It is the filter. To filter false signals. Look at this post How to Start with Metatrader 5 for the idea and link to indicator to download (for MT4 sorry). I was using this indicator with live trading for the long time but it was many years ago so I just want to remind it to myself (and to convert it to MT5 for example).
NRTR is Nick Rypock Trailing Reverse and this idea was created in 2001:
NRTR indicator is standard filter for asctrend system (to filter false asctrend signals/dots).
There are the other tools based on this TTM indicator -
The Exp_ttm-trend_ReOpen trading system based on the signals of the TTM-Trend indicator with trend following scaling. A trade signal is formed at the bar closure, if a colored bar appears, which is an indication of trend change. Further, it scales the volume of the opened position if the profit points of the last deal in the position exceed the threshold specified in the EA input parameters.